10.3 SCALPER/RANGE TRADE SYSTEM

[xrismak]

Wow Bob,

This is scary. I did a quick count--there were only 4 pairs (out of 28) on the 1 hr charts that did not respect the direction as you described and went on to reach at least the first S/R level. About 30% of them went to 2nd S/R level. Thepairs that didn't work the Daily open and pivot tended to be virtually on top of each other

Pooler,
That should tell you that you have an Awesome System here and if Applied well, you should at least sing to the Vaults most times you trade .

[r2997790]

I also did a quick visual backtest and it looks very promising. On EURUSD over the last four months [88 trading days] (July performs much worse than Oct, Sept, Aug) on my rough counting there was about 62% winners using some simple rules I made up to visually test on which were --

1. Look only at first buy or sell signal (ie. first cross of red line)
2. If it makes at least 20 pips it's a winner (if it makes less and then retraces its a loser if it touches the black line -- this therefore isnt a fixed SL level something you would have)
3. If it crosses the black line before making 20 pips its a loser
4. If it doesnt cross the red line at all it is a no trade day.

Overly simplistic, and there are certainly ways to mitigate these loses but it does look very promising indeed.

[gogo]

thanks Bob for your system , but to me looks quite different to be true !

when market is trending strong up , the open price is almost always above daily pivot, so no trade according to your system or which is even worse sell ( or buy trades) but always against trend and market is trending further and making new heights and lows !!!???? and blow us and your system away !! ???

according to me would be much better and more profitable, if we sell when open price is BELOW pivot and Long when open price is ABOVE PP, so you always trade with the trend and if market makes correction , and blow us up, we can re-enter when price breaks back PP or OP and goes with major trend again !!!

regards
gogo

ps/ GMT = 0

[grimweasel]

I guess it's like the 3 Ducks system with the 60 period MA

Look for price to be below the H4 60 ema then drop to H1 chart and look for price to be below its 60ema so we know we are in a downtrend -

then drop to 5M chart and look for price to retrace (up) in this case - then SELL when it crosses back below the 60ema.

Do the opposite for buy - I know Captain Currency trades this system very well and it couldn't be simpler!

[grimweasel]

Step 1

[grimweasel]

Step 2...

[grimweasel]

Drop to M5 for the final step!

[grimweasel]

Or the simple one-chart method....

[gustav213]

Wow awesome, cannot wait to try this system out! Bob you always just amaze me!

[monkeh]

is Steve thinking about basket EA for this already - i wonder? to cover some losses with majority (hopefully) of wins.